iPhone 5 as a nice P&S camera

I currently own D90 and D7000 cameras. But I wanted to have a handy pocket camera too. So I had a Canon S95 twice which had kept in my car. Thieves broke my car twice in past 6 months. I am now without P & S camera. So I have been thinking about getting another Canon S95 or soon-to-be-released Coolpix S8200 camera. BTW, before I bought D90, I had D50 which is a 6.1 mp camera.

Recently, I read a rumor about upcoming iPhone 5. It will come with a capcity of 8 mp camera. If this is ture, iPhone 5 would be better camera than D50. Then, iPhone 5 would be a smartphone and also a convenient pocket P&S camera. Obviously, I do not see any need of getting another P & S camera when I buy iPhone 5. Am I missing something here. What is your opinion?